Question

The 20 century will be remembered as an era of great achievement in human endeavor and enormous economic growth and prosperity. Nevertheless, as we have entered into 21 century, various development challenges need to be addressed. In light of this, what are the current trends and major issues for 21th century?

Answer 1

In the beginning of 20th Century witnessed many innovations and advancement towards many Economic Ideas and Implementation of Economic reforms. The Traditional base approach gained extra momentum and gradually converted into Modern base approach. The Modern approach was applied in all Primary (Agriculture, Fishing and Mining), Secondary (Manufacturing)  and Tertiary Sectors (Service sectors).

The Revolution was the Massive and Rapid Change of Transformation from Primitive Technoloy into New Technology. Such Revolution took various forms into Industrial Revolution in the Early century of the 20th century. The Role of Such Industrial Revolution caused a enormous change in Industries like Coal, Iron, Automobiles and Railroads, etc. After Second Industrial Revolution restricted the poor performance of the supply of Petroleum, Gas and Steel, etc.

Due to Evolution of Industrial Revolution, Many Rich People invested enormous money in the Industrial Sectors. It changed the entire status of Four Factors of Production namely Land, Labour, Capital and Organzation. The Appreciation value of Land, Percentage of Wages, Interest of Capital and Economic Condition of Organization. Overall the Economic Prosperity boomed during the early and middle century of the 20th Century.

But Entering into 21th Century, Technological Advancement was increased to the Great Extent. Cell Phone Technology, Aritificial Intelligence (AI) Assistance, Digitial Revolution resulted in the Advantageous Situation occured in many type fields like Industries, Education, Infrastructure and all other fields nurtured the Economic Development in all the Countries.

G20 Summits, International Conference on Global Warming, Propagating and Sharing technical ideas between eminent Universities and Then Research and Develoment Activities resulted in the growth of many Developing Economies.

But in contrary amidst such mentioned Good sign of Economic Development, There were more many issues lies in current trending situation of the 21th Century. Let us discuss those things below briefly.

There was serious conflict of Economic Development occurs between Developed Countries and Developing Countries. The Developed Countries also lag in Controlling the Per Capita Income (PCI) and GDP in the balanced ratio. The PCI and GDP need to considered by taking the activities of Technology Frontier Area (TFA). TFA refers to the Innovative Techniques used to promote the Industrial and other Economic Source of Growth. This is considered as Recent Trend.

Let us assume Y = Investement. Unless the Ratio of Invesment (Y)/GDP have direct proportion of K (capital) and L (Labour) which remains constant, The Economy may retain stability. The source of TFA supports the functioning of the Industries. If it fails the unstable Economy will take place as the whole.

The Abnormal Rate of Inflation and Increased Money Supply will cause many business ventures to adopt business policy to capture their own Market. This even worsens the situation in the Developing Economy. Many TFA policies fixes the high price of all the products. So there was a need to stablize the prize.

Thus the Positional Change in Marketing, Investment and Savings acts as Centric issue in the 21th Century. In 2008, US Recession faced many economical issues in stablizing the Economy in to Stable Economy. It affected the Liquidity of Money Supply and thus framed the need for curtaling the problems of the Economic Issues.